A 382-acre parcel of state-owned land in southeast Bend is expected to sell for $22 million, adding several acres of land for housing, and adding money to state coffers to support education.

The Department of State Lands, which for years has had control over the property wedged between Stevens Road and 27th Street, has signed a sale agreement with Lands Bend Corp.

The acres are within Bend’s urban growth boundary, and the city’s comprehensive plan envisions development of a complete community with a mix of housing, industrial, commercial and open space requirements.

The sale will likely close in late 2020.

The State Land Board in December voted to put the property up for sale. Sale proceeds will go to the Common School Fund, which sends twice-yearly distributions to Oregon’s public schools.

The sale of the land marks a significant milestone for Bend. A report on the city’s urban growth boundary extension estimates the addition of more than 800 jobs through 2028 with the addition of the land, according to a press release from the department of state lands.

But the land’s potential to provide the full range of housing types needed by Bend’s rapidly growing community has been the most-noted benefit.

Lands Bend Corp. will take on the remaining steps in the development process, including annexation and the master planning work that will engage the Bend community in discussing development details.

Principals Gary Miller and Harry Crowell have collaborated for more than a decade on many projects in Bend, including the Stone Creek Community.

The remaining 261 acres of the Stevens Road property, which are outside the city’s urban growth boundary, remain in state ownership.